The translation is rough but this is from a financial site in China. This is why I am happy holding and adding when smart for a while.
Buying a shell to the United States soared 10 times the stock price in the Ming Yang Yang "point stone into gold" suspense to be solved
2017-07-11 06:34 Source: Securities Times
Securities Times reporter Li Shouren
With the delisting of the company, "OTC Pink" dominated the US OTC market surging.
A single company codenamed "DOLV", which announced a sudden merger with Chinese company CMHI Ming Yang in the past two months, has soared over 10 times its share price, attracting domestic and foreign investors' attention.
This makes the outside world can not help wondering confused, claiming to engage in research and development of new energy electric vehicle manufacturing in the Ming Yang Ming is what kind of company? How is the R & D level of its electric vehicles? The acquisition of powder market shell company is out of what consideration?
In response, the Securities Times reporter conducted a survey to understand and found that there is a slight discrepancy between the information disclosed and DOLV, Zhongji Ming Yang is currently the only mass production of low-speed electric vehicles, high-speed SUV electric vehicles is still in the R & D pilot phase; including The relevant parameters of high-speed SUV electric vehicles announced in various channels such as Zhongji Mingyang official website and DOLV annual report have not been certified by the state authoritative testing agency.
At the same time, the reporter found that one month after JCM Investment Holdings Group (Jinbo Group) took a stake in Zhongming Yangyang, Zhongji Mingyang started the operation of powder single market and was subsequently included into Jinbo Group's new energy sector; however, , Golden Bo Group announced the layout of the nine plates and business models have made the outside world feel foggy flowers.
Why "pink single" skyrocketing?
Looking back on the above merger transaction, according to the 2015 Annual Report released by DOLV (Dolat Ventures, Inc) in April this year, Wang Dequn of Zhongji Mingyang is acquiring 300,000 preferred shares of DOLV Co., Ltd. (each preferred stock can be converted into 2500 Shares of common stock, that is, a total of 750 million shares), in December 2016 DOLV's controlling stake. And in the same month, DOLV acquired JB & ZJMY.
According to the information obtained by Securities Times reporter through day eye investigation, Zhongji Mingyang was all called Zhongji Mingyang New Energy Technology Co., Ltd. The company was incorporated in Beijing in March 2015. As of November 17, 2016, shareholders of the Company changed their positions, and Golden Bo Group and Wang Dequn entered into shares. Legal representatives were also changed from Han Zhuming to Wang Dequn.
At present, the shareholders of Zhongji Mingyang are respectively Han Zhiming, Jinbo Group and Wangdequn with the proportions of 48%, 31% and 20% respectively. For further inquiries, it is known that Jinbo Group is controlled by Wang Dequn and the shareholding ratio is 95% , Both of which together control 51% of the shares in Ming Ji Yang; that is, Wang Dequn is the actual controller of Zhongji Mingyang.
According to the reporter's observation, DOLV's acquisition of Zhongji Ming Yang's news in the April 2017 annual report disclosed in the powder market, DOLV shares from 0.01 US dollars / share start in early May the highest touched 0.129 US dollars, or nearly 12 times; Since then, the stock price is now volatility.
DOLV annual report did not disclose the cost of the shares of Wang Dequn; data show that the price range of DOLV in the past year actually ranged from 0.0001 to 0.129 US dollars / share; if only 0.01 US dollars / share estimates, and the preference shares converted into ordinary shares , The total cost of shares is about 7.5 million US dollars; in theory, about more than a month time floating book was as high as 90 million US dollars.
So, what is unique in the Ming Yang Ming, so that the mergers and acquisitions in the powder market is widely sought after?
According to the DOLV's annual report, Zhongyang Mingyang has developed a SUV electric car called Zhongji Mingyang V3 that can recharge a battery for 600 kilometers at a time.
Moreover, the official website of Zhongji Mingyang and related high-level officials declared that the shape and body of the electric vehicle were built with the Chery Kay Wing V3 (SUV). The mileage of the integrated operating condition is 500 kilometers and the cruising speed of 60km / h is 600 Km, and at the end of last year it declared that "the Ministry of Industry new energy vehicles the longest life of electric vehicles."
What happened? The credibility of the relevant parameters? Reporter launched an in-depth investigation.
SUV cars have not been certified by the Ministry of Industry
Securities Times reporter through the Ministry of Industry January to July this year, "New Energy Vehicles to promote the use of recommended models directory" and the past directory to understand, in the Ming Yang Yang V3 is not among them.
"Ministry of Industry and Information Technology will organize relevant agencies and experts to review and defend, after the adoption of new energy vehicles to the directory.For the car related parameters, strict control, the credibility of the parameters of the car on the list is higher, but not on the directory Of the car is difficult to verify and determine the parameters of its announcement. "Researchers in the field of new energy vehicles to the Securities Times pointed out that the Ministry of Industry every two months will be released on the official website of a number of directories.
The reporter sent a letter to Zhongji Ming Yang, hoping to know "Zhongji Ming Yang V3 is on the letter of the new energy vehicles in the Ministry of Industry, how the current progress" and "published parameters of the vehicle is authorized by the technical department," and so on. In response, Zhong Yang Ming Yang said in reply, "V3 (SUV) is in the R & D pilot phase; is actively testing the authority of the state to do certification before the communication."
According to another reporter's investigation, DOLV originally planned to change its name to "JB & ZJMY" (Goldbek & Zhongji Mingyang, actually Zhongji Mingyang Company) to reflect the current new business portfolio. However, there may be regulators' attention due to the drastic changes in the stock price or the disclosure of relevant information, which will temporarily hinder the change of name.
Zhongji Ming Yang confirmed to reporters that for the renamed issue, "FINRA (the Financial Services Authority of the United States), a market regulator of the United States, conducted a more rigorous and meticulous review of the company's application, resulting in a significant increase in workload and an extension of time. Now Is waiting for the official notification. "
Talking about why it would choose to buy pink single shell company, in the Ming Yang said the company's current operating scale and corporate governance structure can not meet the IPO conditions in the United States; due to the future also plans to expand overseas markets, so the company first landing powder Market (one of the OTC markets in the United States).
"The OTC market in the United States consists of three basic layers, an innovation tier (OTCBB) and the OTC Markets Group." Dong Doxin, a professor at Wuhan University of Science and Technology, told the Securities Times that the OTC market group's The three underlying layers are OTCQX, OTCQB and OTC Pink (Pink Sheets).
Relevant definitions show that OTC Markets' function is to offer quotation services to companies that choose not to be listed on the U.S. Securities Exchange or NASDAQ IPO, delisting or not meeting the listing requirements. Among the three strata, OTCQX is a higher-grade OTC market where companies trading need to disclose up-to-date information and meet the minimum financial standards. Companies trading on OTCQB need to file with the U.S. Securities and Exchange Commission (SEC) and disclose the latest information.
DOLV's OTC Pink (Pink Sheets) is divided into lower levels due to less disclosure and less timely information by listed companies. Among them, listed companies do not have the lowest financial standard, most of which are penny stocks, shell companies and troubled companies, and the information is not complete. Therefore, the official website of Pink Sheep Market strongly recommends that investors Be cautious before making investment decisions and thoroughly research the company.
However, the information disclosed by Zhongji Mingyang may be confused with the concept of listing IPO in the over-the-counter market. One of the pages shows the title of "Jinbo · Zhongji Mingyang U.S. First Roadshow of Inner Mongolia Global Listed Company" .
Low speed car sales situation is unknown
Relevant documents obtained by reporters also showed that Goldpac Group sold internally the shares of Zhongji Mingyang at a price of one U.S. dollar per share in January of this year, which falls far short of the listing price of Zhongji Mingyang in the powder market.
In response, Zhong Yang Mingyang denied that: "The company did not sell the original shares, but a motivation mechanism for internal employees a discussion program, if approved, the option will be carried out by way of option Incentive. Ming Yang still discussing and adjusting the legal compliance of this plan. "
According to the disclosure of DOLV's annual report, the unaudited earnings of Zhongji Mingyang (English) shows that the shareholders' equity of the Company is USD 869,900 and the total liabilities are USD 42,100. The total assets of the company are USD 912,000, of which the current assets are USD 764,600. Profitability is not disclosed.
According to the reply from Zhongji Mingyang, the company is in the stage of R & D and testing in addition to the high-speed electric vehicle SUV, and sales of low-speed electric vehicles have already started.
Public information shows that in recent years, China's low-speed electric vehicles quietly rise, the main origin in Shandong, Henan, Hebei, the speed of 40 ~ 60km / h, the price of more than 1 million ~ 40,000 yuan; buyers are concentrated in townships, Mainly in the elderly, there is no driver's license majority. As China has not produced the same low-speed vehicle standards as the EU and the United States, the relevant policies have yet to be improved. At present, the market share of the top 10 companies such as Reading, ? ?, ? ? exceeds 60%, the industry is entering the shuffling period, and its backward production capacity gradually withdraws from the market.
Yang Ming Yang in the area did not disclose in the reply the overall sales of low-speed electric vehicles.
It is worth noting that the Gold Bo Group held in June 24 in Nanning, Guangxi "a new generation of electric vehicle press conference and Fortune Forum." According to the Securities Times, according to the reporter, there was no further information on the R & D progress of the Zhongji Mingyang V3 (SUV) high-speed electric vehicle in addition to the ceremonies on the donation of low-speed electric vehicles by Zhongji Mingyang release.
Instead, for most of the conference, Lecturer L, Lecturer of Gold Bo Group, recommended the E-commerce member (joining) investment platform under the name of Amoy Hui to present attendees. According to Lecturer Lecture, An Taobao Mall members to become two ways:
Program one is to join the regional agents, were divided into districts and counties agents (1000000 yuan), prefectural and municipal agents (2000000 yuan) and provincial agents (3000000 yuan); joined the regional agents can get All kinds of related revenue under the jurisdiction of the share.
Program two is to join the new business alliance (new e-commerce platform) platform, divided into a shop, two shops, three shops, respectively, need to pay 10,000 yuan, 50,000 yuan, 100,000 yuan deposit; Among them, one, two, three shops in the deposit will be gradually refunded within 10 months, and related gifts, 10 months later, will be given additional subsidies, and regardless of whether the merchants sell products, will be subsidized, are "stable Earn ", but how much the specific subsidies will be required after the exchange of communication.
Another Golden Bo Group lecturer Y in private exchange with investors introduced the subsidy program: a shop, for example, shop deposit into 10,000 yuan, the company returned to customers each month 1,100 yuan, will be the return of 14 consecutive months (Margin + shops subsidies totaling 15,400 yuan); so far; second-tier shops, commercial shops invested 50,000 yuan, the company returned to customers every month 5,500 yuan, about 19 months of continuous return (margin + subsidies for a total of 104,500 yuan) ; Three shops deposit into 100,000 yuan, the company returned to customers each month 11,000 yuan, 29 consecutive months of return (margin + subsidies totaling 319,000 yuan) so far.
How to sustain high subsidies?
"Jinbo Group to create one million users of mobile Internet platform, and now burn the subsidy phase, the more users make more investment, it is an opportunity. At present the user has reached the scale of hundreds of thousands, then the subsidy may be reduced Lecturer Y told investors that if a member's investment reaches a certain size, for example, 200,000 yuan, and then introduce others to invest, you can also get additional commission.
If a simple estimate, based on 500,000 members of the user base (the Gold Bo Group official website in May press release had disclosed that the user is 500,000), to invest only 10,000 yuan per person, for example, the total investment of member users can be as high as 5 billion yuan, if calculated after the expiry of the deposit + subsidies total value is even more staggering.
In the face of frequent doubled high subsidies, can not help but curious to Jinbo Group. The Xu allowance of high subsidy model is true? What is the strength of Jinbo Group itself? Where does cash flow come from? In the Ming Ji Yang in the Gold Bo Group territory played a role?
According to the reporter's investigation, Kingsport Group is fully known as "Shenzhen Jinbo Investment Holding Group Co., Ltd." and was established in September 2014. Wang Dequn holds 95% of the shares of the Company. The main business scope includes information technology products, communication tools, technology development, technical advice.
Established less than three years ago, Goldpac Group, describing its business model on the Internet, said: "At present, Goldpac Group has built a business ecosystem in which the Goldmbe Mayr Merchants Alliance has been adopted as a business hub HuaAn pays for connecting other businesses so that merchants can sell their products through the O2O eCommerce platform of AnTaoHui, meanwhile, it can help merchants to use the network to pay and pay safely and conveniently. "
Relevant promotional materials also show that, among them, Amoy Technology's Amoy Hui Mall and Huaan Payment are all set of mobile financial terminal product development, production, sales, service and financial platform clearing, financial business consulting as one of the high-tech mobile Internet financial platform service products.
Turning to the scale, Golden Bo Group official website released in May this year, a news briefing, currently has dozens of subsidiaries, more than 200 national agencies, more than 40 operations center, more than 50 million end-users.
The inspection of the eye revealed that the aforesaid information refers to that Shenzhen Goldmine Group Co., Ltd. (hereinafter referred to as "Smell Global Technology"), Shenzhen Huaan Payment Technology Co., Ltd. (hereinafter referred to as "Huaan Payment" Shenzhen Amoy Hui Technology Co., Ltd., Shenzhen Shake Tree Technology Development Co., Ltd. and many other companies, these companies were established in May 2014 to February 2015 period, the legal representative is Wang Tequn.
How to play nine plates?
Further inquiries learned that Wang Dequn is now the legal representative of more than 60 companies, of which more than 40 companies located in Guangdong, more than 10 companies registered in Beijing.
According to a press investigation, Wang Dequn (commonly known as "Wang Jinlai"), chairman of the Gold Bo Group, the company's promotional materials on the show, "its military origin, participated in the Vietnam war, senior investment and financing experts, has a wealth of experience in capital operation, Professional research mobile payment more than ten years.
Jinbo Group executives, lecturers have announced the Group's external three major goals for the future are: first, to build one million users of mobile Internet platform; second, to achieve billions of market capitalization of mobile Internet companies listed; third, to Build trillion-scale multinational payment groups.
According to the nine major layouts announced by the Gold Bo Group's official website, it mainly involves "new e-commerce platforms (new business alliances), mobile payment, new mobile smart terminals, big finance, big data, big agriculture, Culture, new energy "and so on, covering almost the hottest areas of the industry nowadays, of which" Zhongji Mingyang "is placed in the" new energy "sector.
However, it is a little puzzling is that the Goldpac Group paid much attention to the mobile payment business - "Huaan payment", for example, the reporter found on the website of the People's Bank of China (PBOC) found that currently licensed include Alipay , TenPay, fast money, etc., more than 200 payment agencies, but failed to find "HuaAn payment" figure.
According to the survey, in addition to the ongoing capital operation of Zhongji Mingyang in the layout of the nine plates of the Goldmbo Group, Smell Global Technology was listed in March 2016 as the former Shanghai Equity Exchange Center (commonly known as the "New Fourth Board" ), But the outside world can not further view the company-related information in the trading center. The relevant parties in the Exchange Center replied to reporters that this is due to the fact that Smell is still in an "editorial" state.
At this point, outside doubt has not been dispelled. Golden Bo Group set up less than three years how to play at the same time nine plates? The business model of the plate? How to profit? Which sections serve as the group's cash flow? Where are the funds that support millions of targeted user subsidies? These are difficult to verify from the public information, this, the Securities Times reporter will continue to be concerned about.
